How to keep your money resolutions

(Money Magazine) -- Are your pledges the kind that require continued willpower (like saving more)? Taking these steps can make all the difference.

Set specific numerical goals

Let's say your resolution is to cut your spending. Vowing "I'm not going to take the credit card out of my wallet as often as I did last year" is too vague to be effective. Instead, decide on a specific monthly outlay that you won't exceed.

Be realistic

If you pledge to pay down, say, $50,000 worth of debt by the end of 2010, you're likely to give up in frustration. To increase your chances of achieving your goal, make it more attainable - and set smaller, intermediate goals along the way. For example, resolve to put an extra $500 a month toward debt repayment.

Measure your progress

Each time you hit your monthly goal, record the details in a notebook or on your handheld. You'll get a glow of accomplishment that will help you stay on track, plus a reminder of how little steps add up to big ones.

Go public with your pledges

Turns out, the creators of Weight Watchers were onto something: Meeting regularly with others who cheer your progress - and notice when you backslide - is a powerful motivator.

So if your goal is to network your way to a better-paying job, ask your spouse or a responsible friend to go over your outreach strategies and progress (lunches with former colleagues, attendance at professional events, and so forth) every month.

Arrange for regular reminders

In an experiment by Dartmouth economics professor Jonathan Zinman, when banks sent regular text messages to account holders' cellphones reminding them of the benefits of putting money away, those people's saving rates rose 6%. Ask your bank if it will do the same for you, or set up your own automatic text reminders. Not into texting? Tape this column to your bathroom mirror.